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AUD/USD could re-visit0.8885/95 – Westpac

FXStreet (Edinburgh) - Analysts at Westpac Global Strategy Group see the pair slipping towards the upper-0.8800s in the near term.

Key Quotes

“A quiet domestic calendar leaves AUD at the mercy of the offshore mood, with pricing for another RBA rate cut already almost entirely removed”.

“On the positive side, ongoing pressure on the ECB and BoJ to ponder further action should cap global yields”.

“But China’s growth momentum is yet to bottom out, at the same time as officials reject calls for stimulus”.

“Commodity price action is consistent with this. Support around 0.8885/95 seems likely to be tested and indeed the Aussie is still 2.5 cents above its 2014 lows so support levels are not strong. The USD mood is likely to be the swing variable on the week”.

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